Exhibit 99.1   NEWS RELEASE

As previously announced, TDS will hold a teleconference on May 6, 2022, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com. 

 FOR IMMEDIATE RELEASE

TDS reports first quarter 2022 results

2022 guidance reaffirmed

CHICAGO (May 5, 2022) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,315 million for the first quarter of 2022, versus $1,318 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share were $44 million and $0.37, respectively, for the first quarter of 2022 compared to $57 million and $0.48, respectively, in the same period one year ago.

"The TDS Family of Companies is making meaningful progress on our strategic priorities," said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular is continuing to make improvements in its high-performing network and TDS Telecom is seeing good and increasing success in its fiber expansion program.

"UScellular’s first quarter results delivered growth in retail service revenue, driven by the positive impact of higher ARPU. We continue to focus on growth areas of the business, including prepaid, business and government, and fixed wireless. Fixed wireless gross additions increased year-over-year, and momentum continues to build in our tower business, which produced double-digit revenue growth for the first quarter.

"TDS Telecom increased residential broadband connections, which contributed to strong residential broadband revenue growth in the quarter. TDS Telecom announced new fiber-to-the-home expansion markets in Montana and Wisconsin, as it continues to deploy fiber outside as well as inside of our traditional markets.”

1

2022 Estimated Results

TDS’ current estimates of full-year 2022 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of May 5, 2022 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

2022 Estimated Results
UScellular			Previous			Current
(Dollars in millions)
Service revenues			$3,100-$3,200			Unchanged
Adjusted OIBDA1			$750-$900			Unchanged
Adjusted EBITDA1			$925-$1,075			Unchanged
Capital expenditures			$700-$800			Unchanged

TDS Telecom			Previous			Current
(Dollars in millions)
Total operating revenues			$1,010-$1,040			Unchanged
Adjusted OIBDA1			$260-$290			Unchanged
Adjusted EBITDA1			$260-$290			Unchanged
Capital expenditures			$500-$550			Unchanged

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.

			2022 Estimated Results
			UScellular						TDS Telecom
(Dollars in millions)
Net income (GAAP)			N/A						N/A
Add back:
Income tax expense			N/A						N/A
Income before income taxes (GAAP)			$65-$215						$40-$70
Add back:
Interest expense			135						—
Depreciation, amortization and accretion expense			710						220
EBITDA (Non-GAAP)1			$910-$1,060						$260-$290
Add back or deduct:
(Gain) loss on asset disposals, net			15						—
Adjusted EBITDA (Non-GAAP)1			$925-$1,075						$260-$290
Deduct:
Equity in earnings of unconsolidated entities			170						—
Interest and dividend income			5						—
Adjusted OIBDA (Non-GAAP)1			$750-$900						$260-$290

2

			Actual Results
			Three Months Ended March 31, 2022												Year Ended December 31, 2021
			UScellular						TDS Telecom												UScellular						TDS Telecom
(Dollars in millions)
Net income (GAAP)			$	52					$	23											$	160					$	90
Add back:
Income tax expense			32						8												20						24
Income before income taxes (GAAP)			$	84					$	31											$	180					$	114
Add back:
Interest expense			33						(2)												175						(5)
Depreciation, amortization and accretion expense			171						54												678						198
EBITDA (Non-GAAP)1			$	288					$	83											$	1,033					$	308
Add back or deduct:
(Gain) loss on asset disposals, net			2						—												23						2
(Gain) loss on sale of business and other exit costs, net			(1)						—												(2)						—
Adjusted EBITDA (Non-GAAP)1			$	289					$	83											$	1,054					$	310
Deduct:
Equity in earnings of unconsolidated entities			45						—												179						—
Interest and dividend income			1						—												6						1
Other, net			—						—												—						(1)
Adjusted OIBDA (Non-GAAP)1			$	243					$	83											$	869					$	310

Numbers may not foot due to rounding.

1EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are non-recurring, infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS’ operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS’ financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, and gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for March 31, 2022, can be found on TDS' website at investors.tdsinc.com.

3

Stock Repurchase

During the first quarter of 2022, TDS repurchased 254,102 of its Common Shares for $5 million and UScellular repurchased 363,821 of its Common Shares for $10 million.

Conference Call Information

TDS will hold a conference call on May 6, 2022 at 9:00 a.m. Central Time.

▪Access the live call on the Events & Presentations page of investors.tdsinc.com or at

https://event.on24.com/wcc/r/3725342/CDC132CA9BF52C2B44DEED054F08A623

▪Access the call by phone at (888)330-2384, conference ID: 1328528. 

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com. 

About TDS

Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom, and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed approximately 8,800 associates as of March 31, 2022.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Contacts

Colleen Thompson, Vice President - Corporate Relations

colleen.thompson@tdsinc.com

Julie D. Mathews, IRC, Director - Investor Relations

julie.mathews@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: intense competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' smaller scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of TDS’ businesses; the ability of the company to successfully construct and manage its networks; uncertainties in TDS’ future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network of information technology security; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; the impact, duration and severity of public health emergencies, such as the COVID-19 pandemic. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of TDS’ Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.    

For more information about TDS and its subsidiaries, visit:

TDS: www.tdsinc.com 

UScellular: www.uscellular.com 

TDS Telecom: www.tdstelecom.com 

OneNeck IT Solutions: www.oneneck.com

4

United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021
Retail Connections
Postpaid
Total at end of period			4,335,000						4,380,000						4,391,000						4,399,000						4,406,000
Gross additions			126,000						165,000						145,000						141,000						143,000
Feature phones			2,000						3,000						2,000						3,000						3,000
Smartphones			89,000						122,000						103,000						98,000						101,000
Connected devices			35,000						40,000						40,000						40,000						39,000
Net additions (losses)			(44,000)						(12,000)						(8,000)						(6,000)						(6,000)
Feature phones			(10,000)						(7,000)						(7,000)						(7,000)						(9,000)
Smartphones			(26,000)						5,000						2,000						6,000						6,000
Connected devices			(8,000)						(10,000)						(3,000)						(5,000)						(3,000)
ARPU1,2			$	49.71					$	48.62					$	48.12					$	47.74					$	47.65
ARPA1,3			$	129.93					$	127.14					$	125.99					$	125.25					$	125.25
Churn rate4			1.30		%				1.35		%				1.15		%				1.11		%				1.12		%
Handsets			1.10		%				1.10		%				0.95		%				0.88		%				0.92		%
Connected devices			2.70		%				3.08		%				2.59		%				2.69		%				2.53		%
Prepaid
Total at end of period			495,000						513,000						518,000						507,000						496,000
Gross additions			55,000						63,000						74,000						65,000						62,000
Net additions (losses)			(18,000)						(5,000)						11,000						10,000						(3,000)
ARPU2			$	34.59					$	34.53					$	35.05					$	35.64					$	35.25
Churn rate4			4.84		%				4.39		%				4.09		%				3.66		%				4.37		%
Market penetration at end of period
Consolidated operating population			32,370,000						32,127,000						31,865,000						31,493,000						31,493,000
Consolidated operating penetration5			15		%				15		%				16		%				16		%				16		%
Capital expenditures (millions)			$	137					$	321					$	185					$	148					$	125
Total cell sites in service			6,899						6,898						6,857						6,819						6,802
Owned towers			4,310						4,301						4,274						4,278						4,270

1Q3 2021 Postpaid ARPU and ARPA amounts exclude $9 million of postpaid revenue related to an out-of-period error recorded in that quarter.

2Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:

•Postpaid ARPU consists of total postpaid service revenues and postpaid connections.

•Prepaid ARPU consists of total prepaid service revenues and prepaid connections.

3Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.

4Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.

5Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets.

5

TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021
Residential connections
Broadband
Wireline, Incumbent			250,100						250,200						252,100						249,200						243,700
Wireline, Expansion			40,600						36,900						32,600						28,300						24,100
Cable			204,600						203,200						202,700						201,200						199,500
Total Broadband			495,200						490,300						487,400						478,700						467,300
Video			140,000						141,500						143,100						143,200						142,700
Voice			301,700						303,700						306,300						308,100						308,700
Total Residential connections			936,900						935,600						936,800						930,100						918,700
Commercial connections			260,000						264,300						269,000						274,400						278,800
Total connections			1,196,900						1,199,900						1,205,700						1,204,500						1,197,400
Residential revenue per connection1			$	57.95					$	57.86					$	57.75					$	57.66					$	56.97
Capital expenditures (millions)			$	105					$	151					$	91					$	99					$	70

Numbers may not foot due to rounding.

1Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

6

Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
			Three Months Ended March 31,
			2022						2021						2022 vs. 2021
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular			$	1,010					$	1,023					(1)		%
TDS Telecom			251						249						1		%
All Other2			54						46						17		%
			1,315						1,318						–
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion			767						765						–
Depreciation, amortization and accretion			171						170						1		%
(Gain) loss on asset disposals, net			2						5						(69)		%
(Gain) loss on sale of business and other exit costs, net			(1)						(1)						(5)		%
			939						939						–
TDS Telecom
Expenses excluding depreciation, amortization and accretion			169						168						–
Depreciation, amortization and accretion			54						49						11		%
			223						217						3		%
All Other1
Expenses excluding depreciation and amortization			54						47						15		%
Depreciation and amortization			4						5						(17)		%
			58						52						12		%
Total operating expenses			1,220						1,208						1		%
Operating income (loss)
UScellular			71						84						(15)		%
TDS Telecom			28						32						(11)		%
All Other2			(4)						(6)						22		%
			95						110						(14)		%
Investment and other income (expense)
Equity in earnings of unconsolidated entities			45						42						7		%
Interest and dividend income			2						3						(55)		%
Interest expense			(33)						(53)						40		%
Total investment and other income (expense)			14						(8)						N/M
Income before income taxes			109						102						8		%
Income tax expense			37						31						24		%
Net income			72						71						1		%
Less: Net income attributable to noncontrolling interests, net of tax			11						12						(10)		%
Net income attributable to TDS shareholders			61						59						3		%
TDS Preferred Share dividends			17						2						N/M
Net income attributable to TDS common shareholders			$	44					$	57					(23)		%
Basic weighted average shares outstanding			115						114						–
Basic earnings per share attributable to TDS common shareholders			$	0.38					$	0.49					(23)		%
Diluted weighted average shares outstanding			116						116						–
Diluted earnings per share attributable to TDS common shareholders			$	0.37					$	0.48					(23)		%

N/M - Percentage change not meaningful.

Numbers may not foot due to rounding.

1Consists of TDS corporate, intercompany eliminations and all other business operations not included in the UScellular and TDS Telecom segments.

7

Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
			Three Months Ended March 31,
			2022						2021
(Dollars in millions)
Cash flows from operating activities
Net income			$	72					$	71
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion			229						224
Bad debts expense			26						8
Stock-based compensation expense			12						10
Deferred income taxes, net			29						27
Equity in earnings of unconsolidated entities			(45)						(42)
Distributions from unconsolidated entities			19						23
(Gain) loss on asset disposals, net			2						5
(Gain) loss on sale of business and other exit costs, net			(1)						(1)
Other operating activities			—						(1)
Changes in assets and liabilities from operations
Accounts receivable			14						17
Equipment installment plans receivable			—						(18)
Inventory			(5)						8
Accounts payable			(60)						(115)
Customer deposits and deferred revenues			9						9
Accrued taxes			129						—
Accrued interest			10						9
Other assets and liabilities			(59)						(69)
Net cash provided by operating activities			381						165
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(271)						(220)
Cash paid for intangible assets			(568)						(1,261)
Cash received from divestitures and exchanges			1						1
Other investing activities			(10)						—
Net cash used in investing activities			(848)						(1,480)
Cash flows from financing activities
Issuance of long-term debt			776						567
Repayment of long-term debt			(127)						—
Issuance of short-term debt			60						—
Issuance of TDS Preferred Shares			—						420
TDS Common Shares reissued for benefit plans, net of tax payments			(2)						(1)
UScellular Common Shares reissued for benefit plans, net of tax payments			—						(1)
Repurchase of TDS Common Shares			(4)						(3)
Repurchase of UScellular Common Shares			(10)						(2)
Dividends paid to TDS shareholders			(38)						(20)
Payment of debt and equity issuance costs			(2)						(14)
Distributions to noncontrolling interests			(1)						(1)
Other financing activities			(3)						(3)
Net cash provided by financing activities			649						942
Net increase (decrease) in cash, cash equivalents and restricted cash			182						(373)
Cash, cash equivalents and restricted cash
Beginning of period			414						1,452
End of period			$	596					$	1,079

8

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
			March 31, 2022						December 31, 2021
(Dollars in millions)
Current assets
Cash and cash equivalents			$	549					$	367
Accounts receivable, net			1,123						1,151
Inventory, net			184						178
Prepaid expenses			109						103
Income taxes receivable			58						184
Other current assets			62						61
Total current assets			2,085						2,044
Assets held for sale			15						18
Licenses			4,686						4,097
Goodwill			547						547
Other intangible assets, net			199						197
Investments in unconsolidated entities			506						479
Property, plant and equipment, net			4,385						4,361
Operating lease right-of-use assets			1,033						1,040
Other assets and deferred charges			668						710
Total assets			$	14,124					$	13,493

9

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
			March 31, 2022						December 31, 2021
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt			$	9					$	6
Accounts payable			388						481
Customer deposits and deferred revenues			245						236
Accrued interest			20						10
Accrued taxes			43						45
Accrued compensation			77						137
Short-term operating lease liabilities			144						141
Other current liabilities			189						124
Total current liabilities			1,115						1,180
Deferred liabilities and credits
Deferred income tax liability, net			948						921
Long-term operating lease liabilities			951						960
Other deferred liabilities and credits			770						759
Long-term debt, net			3,567						2,928
Noncontrolling interests with redemption features			12						11
Equity
TDS shareholders' equity
Series A Common and Common Shares, par value $0.01 per share			1						1
Capital in excess of par value			2,511						2,496
Preferred Shares, par value $0.01 per share			1,074						1,074
Treasury shares, at cost			(456)						(461)
Accumulated other comprehensive income			6						5
Retained earnings			2,824						2,812
Total TDS shareholders' equity			5,960						5,927
Noncontrolling interests			801						807
Total equity			6,761						6,734
Total liabilities and equity			$	14,124					$	13,493

10

Balance Sheet Highlights
(Unaudited)
			March 31, 2022
									TDS						TDS Corporate						Intercompany						TDS
			UScellular						Telecom						& Other						Eliminations						Consolidated
(Dollars in millions)
Cash and cash equivalents			$	300					$	40					$	253					$	(44)					$	549
Licenses, goodwill and other intangible assets			$	4,677					$	749					$	6					$	—					$	5,432
Investment in unconsolidated entities			465						4						45						(8)						506
			$	5,142					$	753					$	51					$	(8)					$	5,938
Property, plant and equipment, net			$	2,576					$	1,722					$	87					$	—					$	4,385
Long-term debt, net:
Current portion			$	6					$	—					$	3					$	—					$	9
Non-current portion			3,220						3						344						—						3,567
			$	3,226					$	3					$	347					$	—					$	3,576

11

TDS Telecom Highlights
(Unaudited)
			Three Months Ended March 31,
			2022						2021						2022 vs. 2021
(Dollars in millions)
Operating revenues
Residential
Wireline, Incumbent			$	85					$	85					–
Wireline, Expansion			10						7						54		%
Cable			67						65						3		%
Total residential			163						157						4		%
Commercial			44						47						(6)		%
Wholesale			44						45						(2)		%
Total service revenues			251						249						1		%
Equipment revenues			—						—						26		%
Total operating revenues			251						249						1		%
Cost of services			96						97						(1)		%
Cost of equipment and products			—						—						28		%
Selling, general and administrative expenses			72						70						3		%
Depreciation, amortization and accretion			54						49						11		%
(Gain) loss on asset disposals, net			—						—						3		%
Total operating expenses			223						217						3		%
Operating income			$	28					$	32					(11)		%

Numbers may not foot due to rounding.

12

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

(Unaudited)

Free Cash Flow

			Three Months Ended March 31,
			2022						2021
(Dollars in millions)
Cash flows from operating activities (GAAP)			$	381					$	165
Less: Cash paid for additions to property, plant and equipment			271						220
Free cash flow (Non-GAAP)1			$	110					$	(55)

1Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment.

13